(RTTNews) – In releasing third quarter financial results on Monday, TreeHouse Foods, Inc. (THS) cut its adjusted profit and net sales forecast for year 2021, to reflect the additional costs to support customers facing industry-wide labor availability and supply chain disruption.
For fiscal 2021, the company now expects adjusted earnings from continuing operations in the range of $ 1.08 to $ 1.28 per share on net sales of between $ 4.20 billion and $ 4.325 billion.
Previously, the company expected adjusted earnings from continuing operations in the range of $ 2.00 to $ 2.50 per share on net sales of between $ 4.20 billion and $ 4.45 billion.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $ 2.17 per share on revenue of $ 4.34 billion for the year. Analysts’ estimates generally exclude special items.
For the fourth quarter, the company expects adjusted earnings from continuing operations in the range of $ 0.00 to $ 0.20 per share on net sales between $ 1.04 billion and $ 1.16 billion. dollars. Analysts expected earnings of $ 1.02 per share on revenue of $ 1.21 billion for the quarter.
For the third quarter, net income declined to $ 6.7 million or $ 0.12 per share from $ 12.1 million or $ 0.20 per share in the prior year quarter. Excluding items, adjusted earnings from continuing operations were $ 0.46 per share, compared to $ 0.71 per share in the prior year quarter.
Net sales for the quarter increased 5.3% to $ 1.10 billion from $ 1.05 billion in the same quarter last year.
The Street was looking to earn $ 0.50 per share on revenue of $ 1.08 billion for the quarter.
Separately, TreeHouse announced that the board of directors has approved a plan to explore strategic alternatives, including a possible sale of the company or a transaction to allow the company to focus on its higher growth Snacking & Business. Beverages by giving away an important part of its meals. Preparation business.
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